FYI: After an insanely positive increase in last month’s headline index, the Philly Fed Manufacturing Index of Current Business Conditions retreated this month, but still managed to beat expectations. While economists were expecting the headline indices to retreat from a multi-decade high of 43.3 down to 25.0, the actual decline was smaller at 10.5 points, bring the index down to 32.8. To put this in perspective, outside of last month’s blowout reading, the current level would still have been the highest reading since November 2014.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/philly-fed-retreats-but-still-ahead-of-estimates/
